Zihuatanejo-Ixtapa Message Board - SCOTIA BANK-Canada & Mexico

SCOTIA BANK-Canada & Mexico (reply)

Little Guy — Sat, 12 Oct 2024 01:26:57 +0000

Wise isn’t like that.

I opened my Wise account and a C$ account with Wise.

I deposited C$. It stays as C$.

I opened a US-based US$ account with Wise. I receive payments in US$. It stays as US$.

I can also have M$ with Wise.

Right now I have all three currencies with Wise.

When I want to convert money between currencies to keep on account, I tell Wise when to convert. (I can set an exchange rate to do automatic conversion as well if I want.)

Wise does not use the higher buy/sell conversion rates. It uses the midpoint rate which is better than the bank conversion rates.

If I use my Wise ATM card in Mexico Wise chooses the best method.

If I have C$, US$, and M$ with Wise and withdraw at an ATM in Mexico, Wise would first draw from my pesos. If I have zero pesos, it will convert C$ or US$, whichever gives me the least expensive transaction.

SCOTIA BANK-Canada & Mexico (reply)

Ironwood — Sat, 12 Oct 2024 00:18:14 +0000

Getting plain info from WISE is like pulling teeth. If I understand, I would open an account in Canada with WISE, deposit Canadian funds with them, which they immediately convert to the currency I choose, at then current rates. Then, I would use my WISE card, (which is obviously a debit card) to withdraw pesos from ANY ATM in Mexico (at least that's what WISE promises).
Presumably, I would have to pay an ATM fee, which can run anywhere to $3 or $4 Canadian per transaction, (30 or 40 pesos?).
The advantage, using a WISE card, would only be in getting a better currency exchange rate than the regular brick-and-mortar bank offers.
(I'm assuming that the currency exchange rate I get would be the rate in effect at the time I loaded my WISE account with Canadian $, which WISE converted to pesos at the time of deposit....perhaps weeks or months earlier. Have I got that right?)
If I'm right, it would be best to deposit into the WISE account when the Can $ was strong against the peso, to lock in a good rate.
If I'm wrong, and WISE withdrawals are based on currency exchange rates in effect at the time of ATM withdrawal, then the WISE advantage depends soley on how much better their currency exchange rates are, than the "big banks".
I use my Canadian Scotiabank debit card at Zihua's Scotiabank. As a result, I
pay no separate ATM fee. The currency exchange rate I get (NEVER accept the offered rate) routinely runs 2.5 to 3% LESS than the quoted mid-market rate shown on websites like xe.com
So, for WISE to make sense for me, their currency exchange rates would have to be significantly better than the 2.5 to 3% premium off the mid-market rate I usually pay, and including the obligatory ATM transaction fees.

SCOTIA BANK-Canada & Mexico (reply)

Little Guy — Fri, 11 Oct 2024 23:30:38 +0000

Do you mean “transfer” between banks or “withdraw” from a ScotiaBank account?

I have a Canadian SB account and a Mexican SB account. I wanted to “transfer”‘money from Canada to Mexico. The SB fee costs were not competitive with Wise. Over the past several years I have saved literally thousands of dollars by moving C$ from SB to Wise, then using Wise to do the currency conversion into M$ and the transfer.

I also have a Canadian Tangerine Bank account. (Tangerine is owned by SB-Canada.) When I am in Mexico I mostly use Wise for my ATM withdrawals but sometimes use Tangerine.

When withdrawing pesos from the SB ATM, never… never… agree with their conversation rate. Always say no. Then your Canadian financial institution will use the commercial interbank currency conversion rate. The SB ATM “marks up” the conversion rate by 10-14%!

Here is a link for Wise.

https://wise.com/invite/ihpn/ernestg

SCOTIA BANK-Canadian money etc... (reply)

victorio — Fri, 11 Oct 2024 20:54:47 +0000

Can we use scotia bank to transfer and obtain mxn from cad funds? what is the charge for doing so? where is this bank in Zihua?

Hola
The Scotiabank in Zihua is right downtown at the corner of calles Nicholas Bravo and Benito Juarez. My wife has an account at the Canadian Scotiabank and the one in Zihua doesn't charge her any transaction fees for ATM withdrawals. They are a little fussy though and will not honour my Credit Union card. Every other ATM does. Not sure what the the currency conversion rate is.

SCOTIA BANK-Canadian money etc... (reply)

Talley Ho — Fri, 11 Oct 2024 18:33:04 +0000

Not Canadian, but don't think so. Have been told that Mexico's Scotia bank isn't the same as yours.

Keep your money where it is now and access it via ATM. Best exchange rate around, and the fees vary widely. Best transaction fee is at INBURSA in downtown Zihua, 24 pesos per transaction. You can get 7,000 pesos per transaction up to what your daily ATM limit is in your home country.

SCOTIA BANK-Canadian money etc... (reply)

jeffc — Fri, 11 Oct 2024 16:03:50 +0000

Can we use scotia bank to transfer and obtain mxn from cad funds? what is the charge for doing so? where is this bank in Zihua?

SCOTIA BANK (reply)

Ironwood — Tue, 01 Oct 2024 19:52:39 +0000

What hapened to this bank?

That's kind of a needlessly alarmist post, isn't it?

SCOTIA BANK (reply)

Talley Ho — Tue, 01 Oct 2024 19:25:22 +0000

They boarded up all the windows in anticipation of hurricane John making landfall here. None of the other banks did. It looks normal now.

SCOTIA BANK (reply)

ZihuaRob — Tue, 01 Oct 2024 18:46:48 +0000

What hapened to this bank?

Why do you ask?

SCOTIA BANK

ROB — Tue, 01 Oct 2024 18:41:27 +0000

What hapened to this bank?